RAWALPINDI,Dec 6 (Pakistan Point News - APP - 06th Dec, 2016 ) : Korean Ambassador, Dr Suh Dong-gu Tuesday said that his country wanted to enhance bilateral trade and invest in Pakistan. He said this during his visit to Rawalpindi Chamber of Commerce and Industry (RCCI) here. Dr Suh Dong-gu said that Korea was fully aware of the problems being faced by Pakistan regarding business adding his country was ready to assist Pakistan to enhance trade ties between the two countries.
He said that bilateral trade volume between Pakistan and Korea was around $1.6 billion in 2012 which had dropped to $1.1 billion and a cause of concern for both sides. Dr Suh Dong-gu said there were many factors leading to low volume including power crisis and security situation alongwith non-availability of trade related information and lack of understanding about promising areas of cooperation. He said the economic indicators were now showing good sign in Pakistan.
Power crisis and security situation had improved remarkably, he added. Macro-economic indicators, foreign reserves and outlook is quite stable. The credit rating has changed from negative to positive and inclusion to the Morgan Stanley MSCI index is good news for foreign investors. The ambassador said his country had been investing in different sectors including energy, infrastructure, hydel, IT and agriculture. Value addition in fabric, cotton yarn and leather goods could help both the countries to increase bilateral trade volume, he added.
Speaking on the occasion, President RCCI, Raja Amer Iqbal said there was tremendous opportunity in Rawalpindi region to boost trade activities and sectors of Gems and Jewelry, Poultry, Pharmaceutical, Furniture, Leather, Marble, Auto parts, food & Health, Information Technology and Mining could play a vital role in this regard. He stressed the need for enhancing bilateral trade relations. He said total trade volume between the two countries is around $ 1.2 billion which could be doubled in next few years through joint ventures and promoting SME sector. Raja Amer said that Pakistan could benefit from Korean expertise in construction and anufacturing sector. Economic dynamics were changing rapidly and one had to capitalize this opportunity keeping in view the emerging projects on account of China Pakistan Economic Corridor (CPEC), he added. APP/tah/sh/ahn